I will be contributing around $40K of personal loans to purchase my business.
What is the best way to pay myself back? Can I charge the corporation an interest rate higher than the one given to me from the bank?
Loan Repayment?
It doesn't have to be the same interest, but it shouldn't be excessive. You should have lined up a tax accountant for the new business, I would ask his advice.
Loan Repayment?
That is called embezzling.
You need to research interest rates and make it competitive w/the current market.
Loan Repayment?
Yes, but this will qualify as income for you and you'll be required to pay tax on it.
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